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Life insurance can provide an income for your dependents, but did you know it can also help you save money on taxes? Not every life insurance policy offers tax-saving benefits, which is why at Massie & Associates, we integrate tax planning into your financial plan. We tailor your life insurance coverage to your specific situation to help you meet your financial goals.
With life insurance, you can choose between term and permanent life insurance. Term life insurance is a cost-effective option to purchase temporary coverage as a financial protection for your dependents. Term life policies usually last for 20–30 years.
Permanent life insurance also includes death benefits, but unlike term insurance, it doesn’t expire. A permanent or whole life insurance policy also has an investment portion built into it. It’s an investment vehicle you can use for your retirement.
An indexed universal life policy is like a life insurance retirement plan. It provides great upside potential, flexibility, and tax-free gains. If you’re interested in a tax-free investment to supplement your retirement accounts, an indexed universal life insurance policy might be a good option for you.
Every situation is unique, which is why it’s important to consult with our experienced professionals about your needs. Here are some common reasons for purchasing a life insurance policy:
Our goal is to help you build a secure financial future for yourself and your family. Together, we’ll review your financial plan to help you determine how life insurance might fit into it.
While an indexed universal life insurance can be a great addition to your employer-sponsored or individual retirement account, it’s not meant to be a replacement. The biggest risk is that the life insurance policy can be canceled if you stop paying premiums, which is not the case with a 401(k).
An indexed universal life insurance policy has two components: a death benefit and an additional cash value you can borrow against. The cash value component is tied to the stock market index and offers higher potential returns than other forms of life insurance.
It really depends on your specific situation. Term life insurance can be a great option for you if you need a low-cost solution to providing for your dependents. Its temporary duration, usually 20 to 30 years, only provides security for a short term. If you want to use your life insurance to build up cash savings, a term life policy is not the right choice.
At Massie & Associates, we understand there’s no one-size-fits-all solution for life insurance or your financial plan. With over 20 years of experience, we’re here to help you find the best solution. Reach out today to schedule a consultation.
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